GVK ties up with Indonesian Airport Authority

GVK Power and Infrastructure today said it has entered into an agreement with the airport authority of Indonesia to manage the non-aeronautical commercial operations at Bali International Airport.

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GVK ties up with Indonesian Airport Authority

GVK Power and Infrastructure today said it has entered into an agreement with the airport authority of Indonesia to manage the non-aeronautical commercial operations at Bali International Airport.

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GVK Power and Infrastructure today said it has entered into an agreement with the airport authority of Indonesia to manage the non-aeronautical commercial operations at Bali International Airport. "GVK has signed an operations and management contract with the airports authority of Indonesia, (Angkasa Pura Airports AP1), the Indonesian government airport operator to manage the non-aeronautical commercial operations at its second busiest Bali (Denpasar) International Airport," the company said in a statement issued here.

GVK operates and manages two airports in India -- Chhatrapati Shivaji International Airport (CSIA) in Mumbai and the Bengaluru International Airport in Bangalore. In 2011-12, these two airports together handled passenger traffic of about 44 million. The scope of the contract includes the existing terminals as well as the new international terminal that is under construction at present and is expected to open in the third quarter of 2013, the release said.

"We are committed to bringing our expertise and experience in transforming the Denpasar International Airport in Bali," the company's Chairman GVK Reddy said. GVK is also developing an international greenfield airport in Yogyakarta in central Java in collaboration with the Indonesian government. The company had signed a memorandum of understanding with Angkasa Pura Airports (Indonesian government-owned Airport Operations and Management Company) in January last year. "We are excited to provide passengers at the airport with world-class shopping experience, across brands, product variety and price points. This is also in line with our stated endeavour to take this airport to international standards and help Indonesia in realising its growing potential as a key destination in the region," company's vice-chairman G V Sanjay Reddy said.

GVK Power stock price

On March 31, 2015, GVK Power & Infrastructure closed at Rs 9.51, up Rs 1.34, or 16.40 percent. The 52-week high of the share was Rs 20.85 and the 52-week low was Rs 7.75.

The latest book value of the company is Rs 15.69 per share. At current value, the price-to-book value of the company was 0.61.